Uchumi CEO Julius Kipng’etich has said that said half of the KES1.2bn (US$12m) Kenyan government bailout money will go towards clearing the supermarket chain’s debts in Tanzania and Uganda. The Kenyan government has a 14.7% stake in Uchumi.
Uchumi exited both countries in October 2015, leaving a series of debts. Kipng’etich has also indicated that he intends taking Uchumi back into both countries – the payments to clear debt would be a necessary step to enable that return.